Oswal Agro Mills Q1 FY27: consolidated PAT down 71% YoY to ₹5.1 Cr as land sales pause

Oswal Agro Mills's consolidated Q1 FY27 (quarter ended June 30, 2026) net profit of ₹5.13 Cr was down 70.6% year-on-year from ₹17.46 Cr in Q1 FY26, even as the standalone print was far smaller at ₹0.99 Cr (EPS ₹0.07) — the ₹4.13 Cr gap is the equity-accounted share of profit from associate Oswal Greentech Limited, booked separately below the standalone tax line. Total income fell 81.2% YoY to ₹4.44 Cr (₹23.55 Cr a year ago) because revenue from operations was nil this quarter versus ₹19.23 Cr in Q1 FY26 — last year's revenue line was almost entirely real-estate segment sales of Transferable Development Rights (TDR); the company monetised no incremental TDR/plot parcels in the June 2026 quarter (cumulative sales stand at ~81,357 of its total 1,06,374 sq mtr TDR allotment as of June 30, 2026). Core pre-tax profit before exceptional items fell 91.9% YoY to ₹1.54 Cr (₹18.97 Cr a year ago) on this near-total absence of the operating revenue line, so the compression sits in the operating book, not just a denominator effect. Sequentially the swing looks dramatic — Q4 FY26 was a ₹45.61 Cr consolidated net loss — but that comparison isn't meaningful: the prior quarter's loss combined a ₹5.72 Cr exceptional charge with a ₹40.84 Cr share-of-loss from the same associate, both one-offs, against a ₹4.13 Cr associate profit and no exceptional item this quarter; total income was roughly flat QoQ (₹4.44 Cr vs ₹4.62 Cr, -4.1%). The auditors flagged an Emphasis of Matter: an arbitration dispute at Oswal Greentech over interest charged on inter-corporate deposits (relating to the Covid period) means the associate has stopped accruing further interest pending a High Court appeal, understating the parent's share of PAT and investments by ₹0.052 Cr this quarter — a small but recurring drag until resolved. The quarter also carried management turnover: the CFO and Internal Auditor resigned June 22, the Secretarial Auditor resigned July 20, replacement Company Secretary/CFO/Directors were appointed July 27, and the board today additionally recommended Shael Oswal as Managing Director, subject to shareholder approval at the AGM. There is no prior management guidance on record, and a web search found no analyst estimates or previews for this stock, consistent with its status as a small TDR-monetisation-driven holding company; vsGuidance and vsStreet are both unknown.